Cocobod tightens up annual facility

By Mariam Meskin

16 Sep 2019

Ghana Cocoa Board (Cocobod) has closed its annual refinancing, securing a $1.3bn facility from a range of international lenders. The facility, Cocobod's second international borrowing this year, has tighter margins than last year's round, illustrating a healthy appetite for one of Africa's most frequent borrowers.

Sources close to the deal confirmed to GlobalCapital that
margins on the facility were tighter than
Cocobod's loan signed last year. That loan, a $1.3bn facility signed in June
2018, had a margin of 62.5bp, whereas the 2019 facility has a margin of 55bp over
Libor.

Bookrunners on the pre-export
receivables backed trade finance facility were Ghana International
...